Charge about right for folklore monster (5)
I believe the answer is:
troll
'folklore monster' is the definition.
(I've seen this in another clue)
'charge about right' is the wordplay.
'charge' becomes 'toll' (toll is a kind of charge).
'about' indicates putting letters inside.
'right' becomes 'r' (abbreviation).
'toll' enclosing 'r' is 'TROLL'.
'for' acts as a link.
(Other definitions for troll that I've seen before include "Folklore monster" , "Malignant elf" , "Cyber pest" , "supposedly lives in a cave" , "Draw baited line, to lure fish" .)